Ontario · Proposal
Proposal Trustee's Report to Creditors dated April 1, 2021
Court officer report · 1 April 2021
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing3 verified
- unsecured creditorsnote: Related party (parent/sponsor); Sponsor has agreed to subordinate this claim to Proven Creditors if Proposal is implemented; excluded from Unsecured Creditor Pool participation · page: 6 · as of: Proposal filing date (March 24, 2021) · basis: Estimated intercompany claim as reported in Proposal Trustee's report · amount: 2500000 · debtor: O.B. Wiik Canada Ltd. · creditor: O.B. Wiik A.S. ("O.B. Norway"/"Sponsor") - Intercompany Claim · currency: CAD
- unsecured creditorsnote: Document states total Creditors owed $2.7 million including the $2.5 million Intercompany Claim; excluding that claim, approximately $202,000 owed to other unsecured creditors; individual creditor names not provided on these pages (List of Creditors in Appendix F not included) · page: 8 · as of: Proposal filing date (March 24, 2021) · basis: Amount owed to Creditors as at date Proposal was filed, per Proposal Trustee's report · amount: 202000 · debtor: O.B. Wiik Canada Ltd. · creditor: Unsecured creditors (aggregate as reported, excluding Intercompany Claim) · currency: CAD
- financial positionnote: Estimated realizable value of total assets is $19,000 (cash only); Creditor claims of $2,726,000 include the $2.5 million Intercompany Claim; estimated recovery in bankruptcy is less than 1 cent on the dollar · page: 11 · as at: 2021-03-24 · basis: Book value based on values in Statement of Affairs sworn March 24, 2021; estimated realizable value assessed by Proposal Trustee for bankruptcy scenario · scope: O.B. Wiik Canada Ltd. (entity level, not consolidated) · currency: CAD · total assets: 150000 · total liabilities: 2726000